As the processing power of computers allow for greater computer functionality and the Internet and network technology era allows for interconnectivity between computing systems, many institutions utilize computer technology to store highly sensitive data. To achieve highly-secure data storage, many institutions utilize blockchain technology. However, since the implementation of this sophisticated computer tool (e.g., blockchains), several technical shortcomings have been identified and have created a new set of challenges.
Conventional and existing software solutions have failed to provide a method to generate and/or retrieve secure blockchain keys. A blockchain key is a unique identifier that grants user access to data stored within a blockchain. Each network node associated with a blockchain may have a unique and private key, which allows the network node to access and view certain portions of the data embedded within the blockchain. Existing and conventional software solutions have failed to generate a secure blockchain key and have failed to provide fast and efficient ways to retrieve the blockchain key, if lost.
Currently, if a user loses his or her blockchain key the user may be required to utilize a third party to recreate the blockchain key. This has proven to be ineffective and unsecure because the third party is now in possession of the user's private key or other sensitive data. This may allow the third party to freely access data uniquely encrypted for the user, which is an undesirable but unavoidable consequence. As a security measure, many institutions store the blockchain keys in an internal database and allow users to retrieve their blockchain keys similar to retrieving passwords (e.g., by providing answers to predetermined questions). This method is also unsecure because an internal database may be subjected to cyber-attacks and the content of the database (e.g., the users' blockchain keys) may be accessed by a hostile third-party.